Obama IRA “pension abuse” should start with government retirees

MillionaireGovEmployeesWord is that Obama’s budget plan, to be introduced this week, will propose limiting individual retirement accounts, IRAs, to no more than $3 million. The intent is to keep annual pension income to about $205,000 a year – an amount that the central planners in the White House feel is “fair”. A side benefit is that the proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement.

What you won’t see or hear is any effort to take on the pension abuse occurring in government and union sweetheart pension deals that use creative accounting and other sleight of hand tactics to exceed annual federal caps of $200,000. Abuse well documented by the media in the state of California and likely occurring elsewhere as well.

You can expect the usual community organizing blather and Saul Alinsky tactic of demonizing the few “rich” individuals that have accumulated large amounts in IRA accounts as an example of why such intervention is justified.

You should also expect resounding silence on the issue of government retiree pensions that fleece taxpayers and bankrupt communities. After all, these are often financial supporters of the central planning regime. Private IRA holders? Not so much.

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About Charles Owens

Charles Owens has been advocating the interests of small business in the Michigan Legislature for over 25 years, beginning with his tenure at the Michigan Institute of Laundering and Dry-cleaning and currently with the National Federation of Independent Business / Michigan. As the State Director of one of Michigan's most respected small business organizations, Owens is responsible for directing the NFIB in its mission to maintain the viability of small business in the face of expanded legislative and regulatory challenges. Owens has been an active participant in the legislative debate over numerous landmark Michigan issues including: the Michigan Environmental Protection Act, inheritance tax, tort liability reform, Unemployment Insurance reform, Workers’ Compensation, and Michigan Occupational Safety & Health Act (MIOSHA) issues. Owens and the NFIB spearheaded the efforts of other small business groups in the fight for fairness and equity for small business in the debate over the repeal and replacement for the Michigan Business Tax. Owens is a 25 year member of the Capitol Club, a dedicated group of association executives committed to the advancement of legislative advocacy for their respective organizations. In 2005 he was elected by his peers to be President of the organization. In 2006, Owens was ranked as number five of the top ten single interest individual lobbyists in Michigan by Inside Michigan Politics. Under his leadership, NFIB was also ranked in the top twenty lobbyist organizations and top ten single interest lobbying organizations by the same publication. Originally a native of Rockford, Illinois, Owens graduated from Northern Illinois University with a Bachelors Degree in Finance and Business Administration. follow on twitter: @OwensNFIB
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